Studying abroad can enhance career prospects by providing access to world-class education, diverse cultural experiences, and valuable global networks. For students who carefully plan their academic journey, studying at top-ranked universities abroad can open doors to exceptional job opportunities.
Due to the high cost of foreign currencies, studying abroad can be expensive. Students can apply for scholarships or take out loans to fund their education abroad. In India, various banks offer education loans at different interest rates, typically ranging from around 8.5% to 16%.
These loans can cover tuition fees, accommodation, and the purchase of books, equipment, instruments, uniforms, and computers at reasonable prices. Students are advised to choose loans that do not require collateral.
How to Get An Education Loan For Studying Abroad
To secure an education loan for studying abroad, students should start by determining how much money they will need for their studies. Then, they should compare different loan schemes and select those that best suit their needs. Next, they should check if they meet the eligibility criteria for the chosen loans. After that, they need to gather the necessary documents for the loan application and apply to banks or Non-Banking Financial Companies (NBFCs). Once the documents are verified, the bank will approve and disburse the loan.
How To Apply For Loan
Students can apply for a loan in two ways:
Online
Students can apply by visiting the official website of the bank.
Offline
Students can physically visit their nearest bank branch to apply for the loan.
However, students need to pay a processing fee, which varies from bank to bank, typically ranging from Rs 10,000 to Rs 20,000.
Study Abroad Loan: Basic Documents Required
- Identity proof
- Proof of address
- Academic records
- Income proof
- Bank statements
- Photographs
- PAN card
- Collateral documents (if required)
- Visa documentation
- Standardised test scores
- English proficiency test scores
- Letters of recommendation
- Statement of Purpose (SOP)
- Resume/Curriculum Vitae (CV)